Pizza Today - March 2022 - 76

with his landlord about continuing the
lease.
" I knew the location and the lease
were two of the most important aspects
of a sale, so I wanted to get a hold on
that early, " says Hansen, who opened
Pizzeria Caldera in 2011.
Such proactive, purposeful planning
is vital to transferring ownership of a
restaurant given the various issues that
require attention. For instance, what's
prompting the sale - retirement, illness,
change of pace, monetary reasons or
something else? Is there one location or
multiple units? Is it a family business or
a franchise? Does the seller own or rent
the building? What is the market value
of the assets? Are there other investors,
tax issues or outstanding debt? Is the
owner open to carrying a portion of the
potential buyer's debt?
" There are a lot of questions ... a
seller must know the answer to before
we can start talking about business
transitions, " alerts Frank Choriego,
associate director of the Kansas Small
Business Development Center housed
at Wichita State University.
In Hansen's case, the proactive
discussions he had with this landlord
streamlined negotiations with buyers
Joe and Annie Hurd, who wanted
assurances they could extend the current
lease and, in fact, requested that
promise exist in the sales contract.
" Lining up things with the landlord
helped make everything a bit easier, "
Hansen says.
Prepare to present the business
Adam Debussy with BizBuySell.com,
a top online marketplace for business
transactions, calls preparation " the most
important ingredient to a successful
sale. "
A serious buyer, Debussy notes, will
want a complete view of business performance,
which generally includes two
to three years of financial statements. In
addition, recurring revenue streams and
well documented processes make for
an easier hand-off and a less daunting
acquisition for potential buyers.
" This is why it's of the utmost importance
to plan well ahead for an eventual
exit, " Debussy says.
In seeking top dollar for Flingers,
Fruin was committed to being
an " open book " for Cummings. Fruin
shared clean, buttoned-up books, tax
documents that supported his profitand-loss
statements and comprehensive
employee and operations manuals.
Buyers, meanwhile, must be prepared
to show they are capable of the acquisition.
Buyers should have a personal
financial statement at the ready and
have allowed sufficient time to secure
funding. A buyer planning to use a
traditional SBA 7a loan, for example,
should expect the process to take 45
to 90 days. Highlighting experience is
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Pizza Today - March 2022

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